For those individuals requiring additional protections beyond the basic estate plan, a Trust may be the legal estate instrument you need. A Trust Document (also sometimes called a trust agreement or a trust instrument) is a legal agreement that places your assets in a “Trust,” where they are kept for conservation and protection until it is time to distribute them to their respective beneficiaries.  A Trust is a legal entity which is separate from the actual person (known as the “Grantor”), who created the Trust. The person or legal entity entrusted to oversee management and distribution of the Trust assets is known as the “Trustee.” The major benefit that people enjoy when setting up a trust is that unlike a will, a trust is not subject to probate. The Trust is governed by the terms of the Trust Document rather than the terms of the Grantor’s Last Will. Trusts can also be used to produce certain tax advantages for large estates.

Trusts are set up for various purposes, and the Trust Document can specify a wide variety of conditions and methods of payout. Some Trusts merely hold money for a person, such as a minor child, until some condition has occurred, such as the child reaching the age of adulthood, and then pay it out all at once. Trusts can also be set up to provide maintenance for a person, such as a special needs trust for a child who is disabled and may need special care, or a trust set up to fund a child’s education.

Whether your Trust is basic or complex in form, Slatter Law will simplify the process for you, so that your assets are handled properly and are available for your beneficiaries when the time comes.

To view an inventory of estate planning documents, including our trusts documents please click here.  If you cannot find what you are looking for please  register here with Slatter Law to create an account to discuss your specific needs.